I think it is not. First, there are super cheap crop solutions like the 18-55 and 55-250 lenses, which are at least as good as the 14-42 and 40-15 lenses mentioned earlier, and cheaper. Next, the fast m43 lenses are ridiculously big, heavy, and expensive; and only f/4 equivalent but the m43 forums are full of denial about that.

Expensive, yes but ridiculously big and heavy? (I assume you mean the fast [2.8] m43 zoom lenses - some of the primes are tiny). They may well be F4 equivalent in terms of depth of field (which can be an advantage and a disadvantage) but it's still F2.8 in terms of exposure.

(Although on a crop sensor the 70-210 does give you the equivalent reach of 300mm on full frame whereas the Panasonic is only the equivalent of 200mm on full frame). The new Olympus (75-150 f2.8) will be 300mm equivalent but I don't think the size and weight have been announced for that yet? It will no doubt be bigger and heavier than the Panasonic but I am not sure by how much..